The UK’s Competition & Markets Authority (CMA) has granted unconditional approval to the proposed acquisition of Inmarsat by Viasat. CMA announced the conclusion of its Phase II review, which confirmed its provisional findings that the transaction does not raise competition concerns, and allowed the acquisition to proceed without remedies.
According to Viasat, the decision is an important milestone towards the completion of the deal. The proposed transaction has received clearance from the UK government under the National Security and Investment Act and the CMA, as well as the Australian government’s Foreign Investment Review Board (FIRB) and the Committee on Foreign Investment in the US.
Commenting on the development, Mark Dankberg, chairman and chief executive officer (CEO), Viasat, said, “We are delighted with the CMA’s decision to unconditionally clear the deal to acquire Inmarsat, as it represents a critical step in securing final approvals to complete this transaction. The decision validates our position that the combination of our two companies will strengthen competition in a dynamic market that continues to attract substantial levels of investment and enables us to offer better services to our customers. Additionally, this deal will also create new high-skill technology jobs, deepen Viasat’s capabilities in the UK, and ultimately help to deliver the goals of the UK’s National Space Strategy. I appreciate the extensive review by the CMA to review this transaction and thank them for their efforts.”
Meanwhile, Rajeev Suri, CEO, Inmarsat, said, “Today’s decision by the CMA to clear the Viasat-Inmarsat deal is hugely significant for the UK’s space ambitions and customers everywhere. We would like to thank the CMA independent panel and case team for their diligent work on the review and for recognising that in today’s fast-changing satellite communications sector the needs of customers will continue to be well served.”
The companies will continue to work through other regulatory approvals and update on transaction close timing as those processes continue.
